The board has authorized a stock repurchase program of as much as $15 million under which the company can repurchase common shares from time to time in open-market purchases, accelerated share repurchase transactions or privately negotiated transactions, in each case subject to market conditions and other factors.

The company said the program is effective immediately and can be utilized through the end of fiscal 2017.

“MasterCraft has delivered a solid fiscal 2016 first half, and we expect to continue to drive profitable organic growth and generate free cash flow for the remainder of fiscal 2016,” Brightbill said.

“Furthermore, we have a strong balance sheet with no outstanding debt and significant liquidity. Therefore, the board has concluded that a share repurchase program is a prudent use of cash at this time.”

As part of the stock repurchase program, the board said it has authorized the company to purchase 362,094 shares of common stock for an aggregate purchase price of $4.1 million from certain members of the company’s senior management, who are selling the shares to satisfy tax liabilities related to the vesting of restricted stock.

As disclosed in the company’s registration statement related to its July 2015 IPO, prior to the IPO certain members of senior management were awarded shares of restricted stock, which vested in January.

Caterpillar Inc. will close two facilities in Texas and Panama and is considering shutting its engine manufacturing plant in Illinois as part of a strategy to boost profitability and better handle business cycles, according to Reuters.

Danielle Brown, vice president and chief information officer for Brunswick Corp., was recently honored among the "Most Influential Blacks in Corporate America" as chosen by Savoy Magazine, a leading African-American lifestyle publication.